Thanks Dodge I`ll change my demo account over to IBFX today.
Regards
Stephen
Thanks Dodge I`ll change my demo account over to IBFX today.
Regards
Stephen
First I just want to say GREAT thread! Thanks Pete and everyone else, love this type of trading! Havenāt really read through the whole thread yet but Iām getting there ;). I have a question on something I stubbled upon yesterday on the EUR/USD and maybe someone can help me
On the 30 min chart I saw that there was selling volume and was looking for a reverse, butā¦
ā¦Then on the 5 min chart I saw some buying pressure so my question is, can I take a quick scalp there on the 5 min (maybe too risky?) or should I wait for it to test restistance again and then look for a short?
Thanks in advance
Danny
EUR/USD short
Weakness in the background combined with the low volume push past resistance showing no buying pressure.
Update
If you see what you believe to be selling pressure on a long term chart, but buying pressure on a short term chart, you can be successful with a short term trade, but be very careful with your TP level, as it is a risky trade. One of my earlier trades like this barely got out alive.
Sorry for the spam!
Thank alot Dodge! When you say āIf you see what you believe to be selling pressureā¦ā Do you mean that what i spotted on the 30 min was not selling pressure or do you mean in general?
Where do you usually put your SL?
Thanks man!
Saw what I thought was stopping volume earlier ( Not the biggest of the day ). One hour T/F looks ok. Waited for the No Supply bar and entered the trade on the green dotted horizontal line. Got in a bit late but currently up 10 Pips.
I was going to let the other half run but it was getting close to resistance so I closed it for another 9 Pips.:13::47:
I said that in general, because I couldnāt really tell if that was selling volume or not. Looking at it again, I definitely wouldāve gone long there. The 30 minute chart showed strength in the background, and on the 5 minute chart all of the red candles preceding your marks are much lower volume than the buying pressure candles youāve highlighted.
Iāve found that exiting half of the trade early makes it much easier to let the trade run to my original TP. Itās the only way to get those +90 and +100 trades Iāve posted recently. However, it can also lead to missing the TP by 2 or 5 pips and going back down to BE. Youāll have to find what side of the coin youāre comfortable with (if you havenāt already).
Good trade!
Hey everyone! IāM BACK! Glad to see that this thread is still going strong!
During my time off trading, Iāve been looking at the news, primarily to get a feel for long term setups. So I might say a few news related things from time to time. lol
Perfect ND right before news release. I protected my risk pretty quick, took half off around 12-14 pips because it was based off the Unemployment claims and we are still in this ugly range (probably due to the meeting this Friday in Jackson Hole).
As Iām writing this my BE was hit.
My stops change depending on how confident I am with the trade, and lately I havenāt experienced much drawdown at all so Iām fighting the urge to tighten the stops, but I usually try to keep them on the other side of a major resistance line. This usually ends up being a pivot.
Good to see you back enpoint
Thanks Luiz!
And againā¦ Kicking myself in the ass for not taking the one furthest to the right, I was weary about the widespread upbarā¦
The wide spread upbar is 40 pips bar, look at 1m chart, the first min of this bar contain a 30 pips bar, which is something we call mispricing or hidden gap, itās the target to get filled, so thisās a great short As I write, the 40 pips bar is already fully filled
You can send a nice thank you to Saint Warren of Omaha for that 40 pip upthrust after he announced he was sinking $5bn into Bank of America. Shorted it myself too at 1.4450 for +70.
Thanks again dodge
Saw what I thought was some resistance around 1.63387 with the volume somewhat lower leading up to it. The 1 hour T/F looked good for a possible short entry.
Noticed the higher volume on the down bar (1st Vertical Line )
I waited for a No Demand bar( 2nd vertical Line ), which was then confirmed by the next bar after.
I entered the trade at 1.63096. Probably too late but I managed to score 49 Pips before exiting at yesterdays support level. I know I shouldn
t be trading on Fridays but I need the practice. I also had a trade going on the EUR/USD at the same time. (naughty yes). I
ll post that shortly when I write it up.
Stephen